| OPEC is losing its clout. The Organization of the Petroleum Exporting Countries, or OPEC, which controls more than 80% of the world’s oil reserves (as of 2013), isn’t wielding the unrivaled sway over crude-oil prices that it has been credited with in the past.
Since the 12-nation organization announced last year that it wouldn’t slash oil production to curb a mounting supply glut fueled, in part, by U.S. shale producers, a growing chorus of market watchers are declaring the cartel dead — or at least significantly neutered. Bank of America’s Head of Commodities Francisco Blanch is the latest Wall Streeter writing OPEC’s epitaph...............................................Full Article: Source
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